Questions and answers

1. How can I open a current account?
2. Can I automatically pay public utility bills, loans, rent, etc.?
3. What can I do if I need to exceed my current account limit for a short while?
4. How can I avoid overdraft charges?
5. How can I best utilise the extra money in my current account?

 

1. How can I open a current account?

  •  Call in at any of our branches. Make sure you have your ID card or driving license with you and some proof of your permanent place of residence (e.g. an electricity bill).
  •  If you want to apply for a debit card, remember to fill out the necessary form.
  •  If you want an overdraft facility along with your account, remember to bring your pay slip for the previous month. You can only apply for an overdraft if you are a permanent resident of Cyprus and are in full-time work.

2. Can I automatically pay public utility bills, loans, rent, etc.?

Yes, by setting up a standing order or direct debit instruction. Talk to your personal banker about utilising this option your current account gives you, and automatically pay loans, insurance premiums, rent or other recurring expenses by setting up a standing order or automatically pay public utility bills such as the water, electricity or telephone bill by giving a direct debit instruction.

3. What can I do if I need to exceed my current account limit for a short while?

If you expect to have additional expenses for a short time, say 2 months, and you will need to exceed your overdraft limit, the best thing to do is contact your personal banker beforehand and ask for a temporary increase in your limit (say an increase from € 1,000 to € 1,500 for 3 months) to meet your needs without incurring extra charges. That temporary increase in the limit must be paid off by the end of that period by gradually repaying the amount from sources of income you had planned to use for that purpose.

4. How can I avoid paying overdraft charges?

You will need to monitor your account balance and plan your spending and income to ensure that you do not exceed your overdraft limit. 1bank is available to you to monitor your current account balance and to transfer money from any savings accounts you may have to your current account if you expect to exceed your overdraft limit.

If you expect to have additional expenses for a short time, say 2 months, and will need to exceed your overdraft limit, the best thing to do is contact your personal banker beforehand and ask for a temporary increase in your limit (say an increase from € 1,000 to € 1,500 for 3 months) to meet your needs without incurring extra charges. That temporary increase in the limit must be paid off by the end of that period by gradually repaying the amount from sources of income you had planned to use for that purpose.

5. How can I best utilise the extra money in my current account?

If you regularly have extra money lying idle, meaning high credit balances in your current account, you shouldn’t let that money just sit there. Talk to your personal banker about our Red savings account. Simply decide on the minimum balance you want to maintain in your current account and any amount over that limit will be automatically transferred to your Red savings account which benefits from a higher interest rate. Learn more about the Red account here.

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